Scottsdale AZ Luxury Home Market – July 2013

July was a mixed month for the Scottsdale luxury home market. Sales were strong in some price ranges and tapered off in others. We did see inventory decrease across the board, which could be partially attributed to sellers taking their homes off of the market during the slower summer months.

For this report, I am classifying luxury homes as those on the market with a price of $1 million or more. Since sales activity varies by price, I have split this information into four price ranges to provide additional detail.

For each price band, you will see the following information:

Active – The number of homes for sale at the end of the month.Pending – The number of pending sales at the end of the month.Sold – Home sales that occurred during the month.

- July 2013 -

Scottsdale Homes Priced Between $1,000,000 – $1,499,999- Active Scottsdale Homes on the Market: The number of homes for sale dropped to the lowest we have seen since last August. Listings were down to 159, a bit lower than the 12 month average of 185 homes.
– Pending Scottsdale Home Sales: At the end of July, 26 homes were in pending sale status. This is down almost 30% over June’s strong showing, but it is still slightly ahead of the 12 month average of 25.
-Scottsdale Homes Sold: Thirty-one homes sold in July in this price range. This was the third best performance we have seen in the last 12 months.
– Sales Price to Listed Price: 95.1% – This is the first time this number has exceeded 95% in the last year.

Scottsdale Homes Priced Between $1,500,000 – $1,999,999

– Active Scottsdale Homes on the Market: Inventory in this price point dipped to under 100 by the end of the month. Again, the numbers are similar to what we saw a the end of last summer. The 12 month average for this range is 122 homes on the market.
– Pending Scottsdale Home Sales: Pending homes sales stayed the same month over month at 19.
– Scottsdale Homes Sold: Sales were down quite a bit (52.6%) over July’s incredible sales month of 19. While this is a large drop, it is in line with sales figures from late in the summer of 2012.
– Sales Price to Listed Price: 98.5% – This is the highest I have seen this figure. On average, buyers of these homes only saw a very small discount off of list price.

Scottsdale Homes Priced Between $2,000,000 – $2,999,999
– Active Scottsdale Homes on the Market: Only 82 homes remain on the market in this price point. It is well below the 12 month average of 102, but not too far off of where this figure was this time last year.
– Pending Scottsdale Home Sales: Pending sales saw a drop down to three by the end of July, coming in at half of the 12 month average.
-Scottsdale Homes Sold: Six homes sold in July. This is lower than we saw over the last couple of months but still a pretty solid figure.
– Sales Price to Listed Price:90.5% – This is a little bit lower than we have been seeing. This typically comes in in the low 90%’s.

Scottsdale Homes Priced $3,000,000+
– Active Scottsdale Homes on the Market: Inventory was down again in this segment too, to 84 homes on the market at the end of July.
– Pending Scottsdale Home Sales: Pending sales stayed the same at four, which is very strong for this price point.
-Scottsdale Homes Sold: Three homes sold in July for more than $3 million. This was a nice rebound over June where there were no sales.
– Sales Price to Listed Price: 84.8% – This is pretty typical for this price point.

Luxury home sales activity in Scottsdale, Arizona was a bit mixed in July. Inventory is down quite a bit, but I anticipate that to pick up in a couple of months when sellers put their homes back onto the market as the high-season approaches. Pendings were down quite a bit in two price ranges and held the same in the remaining two. Therefore, I expect sales for August to be a little quieter.